Employees always have a goal to improve in their respective careers. They want to reach the top of their fields, dedicating themselves to the grind and stress in hopes of gaining the stability and expertise they need to receive their promotion. However, they wouldn’t deny that they will also seek those career advancements to improve their financial standing.
Unfortunately, every employee will have to wait for their time. Job promotions can be challenging to provide, even if you give them equal chances of accomplishing them. As a result, some people live for better opportunities, disrupting a company’s operations. It will be unfair to ask people to stay in your organization if there is no growth or development for them. However, employees stay for more than just monetary incentives. Building a strong company culture that puts people first could be a pleasant environment for them, reducing a promotion’s impact on their decision to stay within the company. However, it doesn’t mean they won’t seek better compensation, which you can achieve using these.
Health-Related Benefits
Health is a valuable thing for people. As a result, health-related incentives will become a top priority when looking for a job. It could even be the basis for employees’ decisions to create a stable career in one company. Fortunately, health-related incentives are part of the regular income and compensation package. You can convince employees to stay in your company by providing them with constantly updated HMO, life, and dental benefits.
Removing your employees’ worries about the financial aspects of hospitalization and treatment means they can dedicate their energy to their work. However, you can even go beyond that. Partnering with dental establishments for discounts or special incentives can be attractive to your workers. Providing monetary assistance that their insurance might not cover will make them feel more at ease. It could be an expensive situation, but so are hospital bills. Assisting them in that endeavor might be more valuable than income increase.
Extra Paid Leaves
Employees are entitled to paid leaves, and it is their right to do whatever they want with them. They usually have schedules for those days. Unfortunately, they might encounter emergencies and illnesses that render them unable to work. It might mean they have to take unpaid leaves, forcing them to sacrifice part of their income without any form of compensation. Fortunately, your company can boost their paid leaves entitlement.
Allotting extra days for paid leaves could make employees feel you care for their well-being. Emergencies are nobody’s fault, and forcing them to pick between attending to those unexpected events and getting unpaid might be stressful. Both sides present them with losses, and they might not have the flexibility necessary to miss out on a single day. The extra paid leaves will be a life-saver for employees, even if it means they have to go through a few days without working. Companies can call them emergency leaves or sick leaves. Employees will appreciate your understanding and efforts to assist them in times of need, making it a perfect incentive for everyone.
Employee Engagement Activities
The company culture is a significant reason employees choose to stay in an organization. They might know that job promotion is not within reach yet, often taking years before setting themselves up for it. However, it does not mean they would not look for reasons why they think the company is suitable for their career. The company culture needs to be strong, and employee engagement activities can be your best option to achieve it.
Seminars and programs related to career upskill and development, mental health, physical health, and teamwork could all be part of those activities. Prized trivia, contests, and games can also engage employees in a way that helps them focus on something else other than work. If you want non-work-related activities to be part of employee engagement, you can set up social parties and retreats. Those fun events could make employees feel more at home with the company. However, it means you will be dedicating funds to somewhere else other than direct operations. However, employee retention strategies are valuable to a company’s plans. You can look at employee engagement activities as part of that task, justifying its prioritization for business expenses. When effective, employee engagement can reduce turnover rate and maintain business continuity.
It can be challenging to persuade employees to stay if they feel like they are not growing, at least from a financial perspective. Fortunately, these tasks can ensure that they feel improvement beyond income or promotion, which might be all they need to stay in your company. If they can feel you care for them, they might not have an issue if the job promotion is a few years away.